[_ea1k]

I agree with you in the sense that the debt was primarily a tax optimization strategy for them.

However, I still see it as a bit of a problem. I think it is partially a symptom of a market that has become too focused on a single metric (P/E ratio). The result is that reducing shares is more important than boosting book value.

I'd love for this hypothesis to be proven wrong, but I'm afraid that it is part of what is driving some very questionable practices.